After issuing billions in junk bonds and loans, corporate America is also approaching its borrowing limit and will have trouble rolling over much of its riskier debt when the bill comes due in a couple of years, experts said.

An analysis reveals firms will have to refinance an eye-popping $1.2 trillion in the high-risk debt that allows companies with weak credit to stay afloat in 2012-17, according to MB Global Partners, a firm that specializes in distressed debt.

The analysis suggests that many firms will hit their debt ceiling starting in 2014, when a whopping $247 billion will need to be refinanced. They’ll face similar daunting bills in 2015 ($217 billion), 2016 ($266 billion) and 2017 ($243 billion).

“I think there will be a good portion of these companies that will not be able to refinance,” said MB founder and CEO Maria Boyazny.

The junk overhang will force many of these companies to curtail hiring and expansion until they can straighten out their balance sheets — dealing another blow to the struggling economy.

Here’s why: As the government stimulus ends, banks are getting stingier when it comes to lending. Also loan securities, known as collateralized loan obligations, or CLOs, that bundled below investment-grade loans and sold them off to investors have fallen out of favor since the financial crisis.

Companies faced a similar test in ’08 and ’09, but they managed to stave of a crisis because the banks — thanks to government stimulus money — were willing to restructure a big chunk of the debt. They refinanced some $398 billion of junk bonds and loans, extending repayment from 2011 to 2014, according to MB’s analysis.

In the first quarter, US businesses raised a record $104 billion in the high-yield market, making the 2014-to-2017 debt wall seem surmountable. But investors are now worried about Europe’s sovereign loan crisis, as well as Washington’s battle over raising the nation’s debt ceiling, quelling the once-insatiable appetite for junk issues.

Meanwhile, CLOs, which account for about half of the loans that need to be refinanced, have five- to six-year investment periods. That means investors will be looking to liquidate their positions just when companies will need to extend their loans, Boyazny said.

Currently, the trading price isn’t setting off alarm bells. Leveraged bank debt on average trades in the mid-90s per dollar and high-yield bonds at $1.02.

“[But] I wouldn’t be buying high-yield debt at these levels,” she said. “I’m a seller.” jkosman@nypost.com